How to accelerate expansion

How to accelerate expansion

Stride Gaming is looking for new acquisitions in the bingo sector after launching on the stock market last month.

The bingo operator raised £11.2m (€15.7m/$17.4m) in a single day when its stock shot up by 30 per cent on its Alternative Investment Market (AIM) debut.

The owner of the Kitty Bingo, Lucky Pants Bingo and King Jackpot brands told TotallyGaming.com that it expects the volatility throughout the gambling sector to effect the bingo vertical, and wants to be one of the companies expanding its reach.

“Now that Stride has successfully listed on AIM and raised £11.2m we have the capital to accelerate our aggressive growth strategy and to take advantage of the strategic opportunity in the sector,” Stride Gaming chief executive Eitan Boyd said. “Most importantly it will provide us with a platform to pursue acquisitions.

“As acquisitions are a fundamental part of our growth strategy is it likely that we will return to public markets at some stage to raise further cash for a decent size acquisition.”

Boyd is no stranger to acquisitions in the gambling sector, having founded Globalcom – now Dragonfish – and Wink Bingo before selling them to 888 for a combined £90m.

However, for now his focus is on helping Stride grow to become the leader in the bingo sector, and he feels that this month’s floatation will be a key step in that ambition.

“The listing will also enhance our profile and brand awareness and place us in a pivotal position to become the market leader in online bingo,” Boyd said.